Back on May 31st, I pointed out the ascending trendline on the small caps (via IWM) and mentioned, “As you can see, the last time it tagged this lower channel trendline, it rallied mightily.” Well, regrettably, that is precisely what has happened. I’ve put an arrow on the day of the post:

So where to from here? Ya got me; lifetime highs aren’t my cup of tea.